Revenue

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

The following table presents net sales disaggregated by product line for each segment:



(in millions) December 31,	2019		2018		2017
Fluid Handling
Process Valves and Related Products	$	685.1	$	685.4	$	640.1
Commercial Valves	332.1		325.4		310.1
Pumps and Systems	100.2		91.0		92.3
Total Fluid Handling	$	1,117.4	$	1,101.8	$	1,042.5

Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	608.6	$	594.2	$	575.9
Banknotes and Security Products	352.8		458.2		—
Merchandising Equipment	196.9		204.6		200.8
Total Payment & Merchandising Technologies	$	1,158.3	$	1,257.0	$	776.7

Aerospace & Electronics
Commercial Original Equipment	$	357.2	$	343.4	$	346.1
Military Original Equipment	217.2		195.7		159.0
Commercial Aftermarket Products	161.4		150.5		134.0
Military Aftermarket Products	63.0		53.9		52.3
Total Aerospace & Electronics	$	798.8	$	743.5	$	691.4

Engineered Materials
FRP - Recreational Vehicles	$	84.5	$	119.0	$	150.5
FRP - Building Products	91.9		92.2		95.2
FRP - Transportation	32.2		32.0		29.7
Total Engineered Materials	$	208.6	$	243.2	$	275.4

Total Net Sales	$	3,283.1	$	3,345.5	$	2,786.0

Remaining Performance Obligations

The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of December 31, 2019, backlog was $1,155.2 million. We expect to recognize approximately 80% of our remaining performance obligations as revenue in 2020, an additional 11% by 2021 and the balance thereafter.

Contract Assets and Contract Liabilities

Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following:



(in millions) December 31,	2019		2018
Contract assets	$	55.8	$	54.9
Contract liabilities	$	88.4	$	50.8

Contract liabilities increased $37.6 million primarily due to the acquisition of Cummins-Allison. During 2019, we recognized revenue of $44.8 million related to contract liabilities as of December 31, 2018.